sales_and_leases

Audubon Communities Acquires Multifamily Property in North Georgia for $22M

by Camren Skelton July 28, 2017

GAINESVILLE, GA. — Audubon Communities has purchased Lenox Park, a 292-unit apartment community in Gainesville, for $22 million. The Atlanta-based firm plans to invest approximately $3 million in renovations to the property, which will be renamed Peaks at Gainesville. Improvements will include upgrades to the leasing office, pool and other amenity areas; addition of a fitness center; renovation and expansion of the existing playground; new fiber-cement siding; new lighting, exterior paint, signage and landscaping. Constructed in 2000, the community includes two- and three-bedroom floor plans that average 1,100 square feet.

July 28, 2017

California Retail Western

Progressive Arranges $4.9M Sale of 27,112 SF Retail Center in San Jacinto

by Nellie Day July 28, 2017

SAN JACINTO, CALIF. — Progressive Real Estate Partners has brokered the sale of Dollar General Town Center, located at 700-728 San Jacinto Ave. in San Jacinto. A private family trust acquired the 27,112-square-foot property from a private investor for $4.9 million. Anchored by Dollar General, the property was 100 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Rob Sauser of PMZ Commercial represented the buyer in the deal.

July 28, 2017

California Restaurant Retail Western

Hanley Investment Negotiates $1.4M Sale of Restaurant Building in Stockton

by Nellie Day July 28, 2017

STOCKTON, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a single-tenant, absolute net-leased restaurant property located at 627 N. Wilson Way in Stockton. Santa Monica, Calif.-based TB Stockton sold the 1,644-square-foot property to M&M Trust of Sacramento for $1.4 million, or $882 per square foot. Taco Bell occupies the property and has a 48-year operating history at the location. Pat Kent and Corey Olson of Hanley Investment represented the seller, while Stephen Harper of Veritas Investment Realty Investors represented the buyer in the transaction.

July 28, 2017

California Retail Western

Kennedy Wilson Closes Three Retail Leases at South Park by Windsor in LA

by Nellie Day July 28, 2017

LOS ANGELES — Kennedy Wilson has closed three 10-year leases with major national retailers at South Park by Windsor, a mixed-use property located at 201 W. Olympic Blvd. in downtown Los Angeles. The leases bring the property’s retail space to 100 percent occupancy. The new retailers — Chipotle, Loit and Aveda Lifestyle Salon & Spa — will occupy more than 12,500 square feet at the development. Chipotle and Loit have already opened and Aveda is slated to open this fall. Lee Shapiro and Justin Weiss of Kennedy Wilson negotiated the leases.

July 28, 2017

Georgia Office Southeast

PGIM Real Estate Acquires 502,846 SF Office Tower in Midtown Atlanta

by Camren Skelton July 27, 2017

ATLANTA — PGIM Real Estate, the real estate investment business of PGIM, has purchased Regions Plaza, a 23-story office tower located at the northwest corner of West Peachtree and 14th streets in Atlanta’s Midtown district. Jim Mehalso led the transaction internally for PGIM on behalf of its institutional investor clients. Constructed in 2001, the 502,846-square-foot Regions Plaza is LEED Gold- and Energy Star-certified and features valet parking, a conference facility, on-site Flywheel and FlyBarre Studio, dry cleaning services, dining and on-site banking facility. The sales price and seller were not disclosed. PGIM is the global investment management business of Prudential Financial Inc.

July 27, 2017

Maryland Retail Southeast

PREIT Signs Belk to Anchor Valley Mall in Northwestern Maryland

by Camren Skelton July 27, 2017

HAGERSTOWN, MD. — PREIT has signed a lease with Belk to join Valley Mall in Hagerstown. The Charlotte-based department store is new to the Maryland market and will occupy 123,000 square feet, taking the place of Bon-Ton, which will close in February 2018. Slated to open in October 2018, Belk will join a mix of tenants including H&M, Pandora, Torrid and Mission BBQ. Valley Mall is also home to dining and entertainment options including Primanti Brothers, Red Robin, Noodles & Co., Starbucks Coffee and Regal Cinemas.

July 27, 2017

Georgia Office Southeast

Coyote to Occupy Nearly 50,000 SF of Office Space Within Atlanta’s Armour Yards Project

by Camren Skelton July 27, 2017

ATLANTA — Chicago-based Coyote, a logistics provider and subsidiary of UPS, has signed a lease for 47,986-square-feet of office space within Armour Yards, an adaptive reuse project situated between Atlanta’s Midtown and Buckhead districts. Coyote will lease the entire office portion at 255 Ottley, bringing the overall Armour Yards project to 86.4 percent leased. Gourmet coffee roaster East Pole Coffee Co. will also open at 255 Ottley later this month. Brooke Dewey of JLL represented the ownership group comprising Third and Urban and institutional investors advised by J.P Morgan Asset Management in the lease transaction. MB Real Estate’s David Burkards represented Coyote. The Armour Yards location will be the second Atlanta-area office for the logistics company and will create roughly 325 jobs. Coyote’s existing location is situated at 960 North Point Parkway in Alpharetta, roughly 25 miles north of Atlanta. Situated near the Atlanta BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Spirit Works, Atlanta Track Club and Fox Bros. Bar-B-Q. The project team includes Smith Dalia Architects and general contractor Gay Construction. Armour Yards’ loft-office portion is housed within four former industrial buildings totaling 190,000 square feet.

July 27, 2017

Florida Multifamily Southeast

Franklin Street Brokers $6.9M Sale of Apartment Community in Fort Lauderdale

by Camren Skelton July 27, 2017

FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.

July 27, 2017

Arizona Multifamily Western

Rivendell Global Real Estate Acquires San Paulo Apartments in Phoenix for $32.5M

by Nellie Day July 27, 2017

PHOENIX — Rivendell Global Real Estate has acquired the 208-unit San Paulo apartment complex in Phoenix for $32.5 million. The complex is located at 14625 S. Mountain Parkway. It was built in 1996. Community features include a swimming pool, 24-hour fitness center and resident clubhouse. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, PrivatePortfolio Group, in this transaction.

July 27, 2017

California Industrial Western

Summit Ridge Business Park in San Diego Changes Hands

by Nellie Day July 27, 2017

SAN DIEGO — A private partnership managed by Jewell Capital LLC has acquired Summit Ridge Business Park, a 133,841-square-foot flex/R&D business park in San Diego. The purchase price was not disclosed. The park is located at 6769 Mesa Ridge Road. It was built in 2000. The three buildings feature high-image exterior architecture, unobstructed canyon views, 22-foot clear heights and an extensive window line. Summit Ridge is fully leased to four four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics. HFF’s Nick Frasco represented the seller in this transaction.

July 27, 2017

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